In Kuwait, the Acting Undersecretary of the Ministry of Electricity, Haitham Al-Ali, recently announced that Kuwait has signed a contract to purchase 500 megawatts of electricity from the Electricity Interconnection Authority for the Gulf Cooperation Council countries. This agreement includes buying 300 megawatts from Oman and 200 megawatts from Qatar. Al-Ali emphasized the technical and economic benefits this purchase brings to Kuwait, especially in terms of energy prices closely aligning with production costs after extensive studies were conducted.

The contract was directly with the Gulf Interconnection Authority, which manages dealings with Oman and Qatar in coordination with Kuwait. This step signifies a significant advancement in the energy sector of Kuwait, opening up opportunities for collaboration and cooperation among GCC countries. According to Ahmed Al-Ibrahim, CEO of the Gulf Electricity Interconnection Authority, this market is essential for trading energy as it allows for bilateral deals and electronic trading, leading to competitive offers from member states. He also highlighted how efficient scheduling and financial settlements are possible through this platform.

To promote economic growth and encourage energy trade between countries, Al-Ibrahim emphasized the importance of ongoing agreements and renewals to meet the energy needs of interconnected networks in member states. As such, he underscored the significance of maximizing economic benefits by investing in an electrical interconnection network that connects Kuwait to other GCC countries.